Consumer confidence rises more than expected in September

Consumer confidence climbed more than expected in September,
according to the Conference Board.

The Board's index came in at 103. It's the second-highest reading
in at least four years.

Economists had estimated an index print of 97.5, down from 101.5
in August.

The data for the index was put together before the stock market
sell off in August, according to Bloomberg.

Lynn Franco, director of economic indicators at the Conference
Board, said that optimism about current conditions fueled the
increase in the index. The Present Situation Index rose to an
eight-year high.

"Consumer spending remains an upside risk," wrote Neil Dutta at
Renaissance macro in a note. "For most, an improving
employment backdrop coupled with declining gasoline prices
offsets the sell off in the stock
market. Unlike its University of Michigan
[consumer sentiment index] brethren, the Conference Board
index is more sensitive to employment not financial
markets."

Optimism about the short-term outlook was flat, and consumers did
not expect faster forthcoming growth.

The labor market picture was mixed: Those who said jobs were
"plentiful" rose to 25.1% from 22.1%, an eight-year high. Those
saying they were "hard to get" rose to 24.3% from 21.7%.